1. A license or certificate expires on December 31 of each year, unless it is renewed. To renew a license or certificate, a collection agency or compliance manager must submit to the Commissioner on or after November 1 and on or before December 31 of each year: (a) A renewal application, which includes, without limitation, the matters required in the original application, the date and number of the license or certificate which will expire and all other information required to complete the renewal application; and (b) The renewal fee. 2. The Commissioner shall issue a renewal license or certificate to the applicant, which must be dated January 1 next ensuing the date of the application, in form and text like the original except that, in addition, the renewal must include the date and number of the earliest license or certificate issued. 3. All requirements of this chapter with respect to original certificates, licenses and bonds apply with like force to all renewal certificates, licenses and bonds except as otherwise specified in this section. 4. The Commissioner shall refuse to renew a certificate or license if at the time of application a proceeding to revoke or suspend the certificate or license is pending. 5. If a collection agency or compliance manager fails to submit any item required pursuant to subsection 1 to the Commissioner on or after November 1 and on or before December 31 of any year, the license or certificate is cancelled as of December 31 of that year. The Commissioner may reinstate a cancelled license or certificate if the collection agency or compliance manager submits to the Commissioner on or before February 28 of the following year: (a) A renewal application which includes the information specified in paragraph (a) of subsection 1; and (b) The renewal fee.
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